[SPI News]

Spanish families must now dedicate 5.9 years of income in order to purchase a house, the same level as in late 2003 according to Bank of Spain data.

Over the last 4 years the percentage of income that families in Spain spend on housing has fallen 8.9% from 42% to 33.1%.

Graph showing the evolution of the average number of years of families’ income required to buy a house in Spain

[Anonymous]

The figures understate the true extent of how far prices have fallen, but even so, prices are going to have to fallen even more in most segments. If only vendors would just get on it; Bitting the bullet always saves you money in the end.

[Anonymous]

Indicates that is cheaper now for Spanish to buy . . Many buyers come from outside Spain from countries with better functioning economies at the moment . Despite some distressed buyers who borrowed too much and at not a good time the overhang must provide opportunities for people who are able to find value for money now -if they do their homework and learn from the mistakes of others well documented on this site. Not everybody wants to buy in an expat area but its nice to be not far from one.Buying from distressed buyers might seem unpleasant but if you are ethical and can get a deal -maybe it can be a lifesaver too !

[Anonymous]

” Bitting the bullet always saves you money in the end.”

Have you tried to convince your banking/developers contacts about this ?

[Author]

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